Wisconsin Bank lends Local Furniture Company $150,000 on November 1. Local Furniture Company signs a $150,000, 12% 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A.debit Interest Expense and credit Interest Payable for $3,000 B.debit Interest Payable and credit Cash for $3,000 C.debit Interest Payable and credit Interest Expense for $3,000 D.debit Interest Expense and credit Cash for

JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Answered: Wisconsin Bank lends Local Furniture…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Wisconsin Bank lends Local Furniture Company $150,000 on November 1. Local Furniture Company signs a $150,000, 12% 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is:

debit Interest Expense and credit Interest Payable for $3,000

debit Interest Payable and credit Cash for $3,000

debit Interest Payable and credit Interest Expense for $3,000

debit Interest Expense and credit Cash for

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